SMB PRIVATE EDUCATION LOAN TRUST 2021-D REPLINE INFORMATION

THIS INFORMATION IS BEING PROVIDED ONLY TO INVESTORS WHO ARE EITHER (1) “QUALIFIED INSTITUTIONAL BUYERS” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR (2) NON-“U.S. PERSONS” OUTSIDE THE UNITED STATES OF AMERICA PURSUANT TO THE REQUIREMENTS OF REGULATION S (“REGULATION S”) PROMULGATED UNDER THE SECURITIES ACT. REPRODUCTION OR FURTHER DISTRIBUTION OF THIS INFORMATION IS FORBIDDEN. THE SECURITIES BEING ISSUED BY THE RELATED ISSUING TRUST WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS.

Confirmation of your Representation:

In order to be eligible to view the information available below, or make an investment decision with respect to the securities offered by the related issuing trust, investors must be either (1) Qualified Institutional Buyers (“QIBs”) (within the meaning of Rule 144A under the Securities Act), or (2) non-U.S. Persons outside the United States of America (pursuant to the requirements of Regulation S). The offering memorandum containing a hyperlink to this webpage was sent to you at your request and by accepting the electronic communication, accessing the offering memorandum, clicking the hyperlink to access this webpage and by accessing the information below, you (i) represent to each of SLM Corporation, Sallie Mae Bank, SMB Education Funding, LLC, the related issuing trust and each of their affiliates that you and any customers you represent are either (a) QIBs or (b) not a U.S. Person and that the electronic mail address you gave us is not located in the U.S., (ii) represent that you shall not reproduce or further distribute the information provided on the immediately succeeding webpage, (iii) consent to delivery of such information by electronic transmission and (iv) acknowledge that the securities offered by the related issuing trust are asset-backed securities issued by and are obligations of the related issuing trust. They are not obligations of or interests in any of SLM Corporation, Sallie Mae Bank, SMB Education Funding, LLC or any of their affiliates.

Sallie Mae Bank Private Education Loan Trust 2021-D Repline Information